Morning Buzz
Wednesday, 24 December
TODAY’S HEADLINE
STI INDEX (PREVIOUS DAY CLOSE)
3,332.51 (0.05%)
S'PORE PRICES DIP FOR FIRST TIME IN 5 YRS
Singapore's headline inflation fell into negative territory in
November, dropping to -0.3 per cent from 0.1 per cent in October,
marking the country's first technical deflation in five years.
Vol (mil): 1,121.9 / Val (S$ mil): 785.9
MAJOR STOCK INDICES
Close
% Chge
18,024.17
DJ Ind Avg
0.36%
S & P 500
2,082.17
0.17%
Nasdaq Comp
4,765.42
-0.33%
23,333.69
-0.32%
Hang Seng
COMMODITIES
Gold (SPOT) US$ / oz
Oil (NYMEX CWTI) US$ / bbl
Baltic Dry Index
Close
% Chge
1,177.09
0.04%
56.66
-0.81%
788.00
-0.76%
EXCHANGE RATES
USD : SGD 1.3256 / MYR : SGD 0.3792
November's showing follows five consecutive months of
disinflation - where prices were still rising, just at a slower pace so economists had already been expecting a negative headline
inflation figure. The median forecast of 13 economists polled by
Bloomberg before the Department of Statistics (DoS) released the
data on Tuesday was -0.2 per cent.
Except for food, price increases for other major categories eased
in November. Accommodation costs were 1.2 per cent lower due
to the soft housing rental market, extending the one per cent
correction in October. Services inflation moderated to 1.4 per cent
from 1.7 per cent given lower holiday travel costs, and a smaller
rise in household services costs and medical treatment fees.
But food inflation rose to 2.9 per cent last month from 2.8 per cent
a month earlier, amid more expensive fruits, vegetables, and
prepared meals.
Core inflation - which excludes the costs of accommodation and
private road transport - eased from 1.7 per cent in October to 1.5
per cent in November - the lowest figure since April last year. This
was mainly due to a smaller increase in services fees.
While the Monetary Authority of Singapore (MAS) and the Ministry
of Trade and Industry (MTI) reiterated in joint comments their 2015
inflation forecasts (headline at 0.5-1.5 per cent and core at 2-3 per
cent), they cautioned that these could come in slightly lower
"should global oil prices be sustained at current low levels".
NEWS BUZZ
 Boustead Singapore: Releases details on property arm
spinoff
INTEREST RATES
3-mth Sibor
0.454%
SGS (10yr)
2.238%
 Mapletree Greater China Commercial Trust: Claim against
MGCCT subsidiary dismissed
Source: Bloomberg
AmFraser Research Team
www.amfraserdirect.com.sg
AmFraser Securities Pte Ltd
Page 1
Please see important disclosures at the end of this publication
AmFraser Wednesday, 24 December 2014
News Buzz
Boustead Singapore (S$0.530)
Releases details on property arm spinoff
Boustead Singapore will spin off its property arm by distributing up to 49% of its
Boustead Projects (BP) segment to its shareholders and by listing BP on the SGX
mainboard. These details, among others, were released by Boustead in an SGX
announcement on Tuesday evening.
Mapletree Greater China Commercial Trust (S$0.945)
Claim against MGCCT subsidiary dismissed
THE management company of Mapletree Greater China Commercial Trust
(MGCCT) said on Tuesday that the Beijing Higher People's Court has dismissed
the claim filed against MGCCT subsidiary HK Gateway Plaza Co Ltd for the return
of an alleged loan of 210mil yuan (S$45mil) plus interest of about 54.9mil yuan.
Source: The Business Times / Bloomberg / Straits Times
AmFraser Securities Pte Ltd
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AmFraser Wednesday, 24 December 2014
Corporate Action
Dividends
Company
Results
Period
Ann Date
DPS
Ex-Date
Book Close
Payable
Share Price
23-Dec-14
Yield
(%)
Parkson Retail Asia - Special
SGD 0.040000
26-Dec-14
30-Dec-14
7-Jan-15
SGD
0.750
0.0
AIMS Property Secs - Est Distribution
AUD 0.001317
29-Dec-14
31-Dec-14
13-Mar-15 SGD
0.125
1.1
Golden Agri-Resources
12-Nov-14 3Q14 SGD 0.004080
2-Jan-15
6-Jan-15
15-Jan-15
SGD
0.440
0.9
Fraser and Neave
13-Nov-14 FY14 SGD 0.030000
3-Feb-15
5-Feb-15
16-Feb-15
SGD
2.750
1.1
Frasers Centrepoint
12-Nov-14 FY14 SGD 0.062000
3-Feb-15
5-Feb-15
16-Feb-15
SGD
1.660
3.7
Ex-Date
Book Close
29-Dec-14
31-Dec-14
* Include Ordinary, Cash, Special, Bonus, Variable and Base
Rights & Bonus Issues
Company
Pacific Andes Resources Development
Rights Issue
4 Rights Share @ S$0.051 each Rights
Share for every 5 existing ord shares held
Right Trading Period
From
To
6-Jan-15
14-Jan-15
Source: SGX Annoucement
Buyout
Company
Offer
Price
Remarks
Closing Date
Offeror
ECS Holdings
SGD 0.68
Cash
5.30 p.m. on 29 December 2014
VST Holdings Ltd
euNetworks Group
SGD 1.16
Cash
5.30 p.m. on 29 December 2014
EUN Holdings, LLP
Forterra Trust
SGD 2.25
Cash
5.30 p.m. on 5 January 2015
New Precise Holdings Limited
UE E&C
SGD 1.25
Cash
5.30 p.m. on 28 January 2015
Universal EC Investments Pte. Ltd.
Source: SGX Annoucement
AmFraser Securities Pte Ltd
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AmFraser Wednesday, 24 December 2014
Financial Calendar
Monday
Tuesday
22-Dec
Wednesday
23-Dec
Thursday
24-Dec
Friday
25-Dec
26-Dec
SG (Nov 2014): Index of Industrial
Production
SG (Nov 2014): CPI
Christmas Day
29-Dec
30-Dec
31-Dec
1-Jan-15
2-Jan
Q1: Second Chances Properties
New Year's Day
5-Jan
6-Jan
12-Jan
13-Jan
7-Jan
14-Jan
SG: 4Q14 Advance GDP Estimates
(Not later than 14 Jan)
8-Jan
9-Jan
15-Jan
16-Jan
SG: Prices of Private Residential Units
Sold by Developers
Q1: Xpress Hldgs
19-Jan
20-Jan
Q3: Mapletree Industrial Trust
21-Jan
*Q4: Lonza Grp
22-Jan
23-Jan
SG (Dec 2014): CPI
SG: 4Q14 Real Estate Statistics
* Tentative
Source: Company; Bloomberg
AmFraser Securities Pte Ltd
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AmFraser Wednesday, 24 December 2014
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______________________________ LEE Wing How
for AmFraser Securities Pte Ltd
AmFraser Securities Pte Ltd
Page 5